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Watch the 2024 AGM - Skyliine Retail REIT video

[00:00:14] Jason Castellan:

Good morning and welcome to the Annual General Meeting of Unitholders of Skyline Retail Real Estate Investment Trust, hereinafter referenced as “the REIT”. I’m Jason Castellan, Co-Founder and Chief Executive Officer for the Skyline Group of Companies and the REIT. It is my pleasure to welcome you here today for this meeting and to introduce Mr. George Shott, our Chairman of the Board of Trustees.

[00:00:36] George Schott:

Thank you, Jason, and welcome, everyone. Thank you for joining us today. We’re excited to be hosting our virtual meeting, which allows us to be more inclusive and reach a greater number of our Unitholders. In keeping with the digital approach to this year’s meeting, it is now 10 a.m. Eastern Standard Time on June the 11th, 2024, and this meeting is officially called to order. And I now would like to introduce the other members of the Board: Jason Castellan, who you’ve heard earlier, is Co-Founder and Chief Executive Officer of Skyline Group of Companies, who has served as one of our Trustees since the REIT’s inception in 2013. Wayne Byrd, Chief Financial Officer of Skyline Group of Companies, who has served as one of our Trustees since 2014. Perry Katz, who has served as one of our Trustees since 2017. Gary Finkelstein, who has served as one of our Trustees since 2019. And Jonathan Halpern, who has served as one of our Trustees since 2019. We are also joined here today by our independent auditors, RLB LLP. And finally, the REIT has appointed Broadridge Financial Services to act as Scrutineer and is managing our electronic election process. The Board of Trustees fixed April 30th, 2024, as the record date for determining Unitholders entitled to vote at this meeting.

[00:02:21] George Schott:

An affidavit has been delivered, attending to the fact that either 1) a notice of [internet] availability of notice of the meeting, the proxy statement, and the 2023 Annual Report to Unitholders; or 2) the documents themselves; were emailed and mailed out on or about May 16th, 2024, to all Unitholders as of the record date and will be incorporated into the minutes of this meeting. The Unitholders list shows that as of the record date, there were 46,327,555 Units outstanding and entitled to vote [at] this meeting. We have received the preliminary Scrutineer’s report, and based on that report there are, represented in person or by proxy trust, Units representing more than 10% of the voting power of all issued and outstanding units entitled to vote on the record date. Therefore, a quorum is present for the purposes of transacting business. Now, I will present the matters to be voted upon. Proposal one is the election of the independent Trustees, for election as Trustees to hold office until 2025 Annual Meeting of the Unitholders, and/or until their successors are duly elected and qualified. Can I have a motion to elect the presented state slate of independent Trustees.

[00:04:09] Jason Castellan:

I, Jason Castellan, as a fellow Unitholder, move to elect George Schott, Perry Katz, Gary Finkelstein, and Jonathan Halpern as Trustees of Skyline Retail REIT until 2025 Annual Meeting of Unitholders.

[00:04:23] George Schott:

Can I have a seconder?

[00:04:24] Wayne Byrd:

I, Wayne Byrd, as a fellow Unitholder, second the motion.

[00:04:28] George Schott:

Thank you. Proposal two is the reappointment of RLB LLP as auditors of the REIT. Can I have a motion to reappoint RLB LLP as independent auditors of the REIT?

[00:04:46] Jason Castellan:

I, Jason Castellan, move to reappoint RLB LLP as independent auditors of Skyline Retail REIT.

[00:04:53] George Schott:

Can I have a seconder?

[00:04:55] Wayne Byrd:

I, Wayne Byrd, second the motion.

[00:04:57] George Schott:

Thank you. It is now 10:04 [a.m.] Eastern Time on June the 11th, 2024, and the polls are now open for voting on the previously motioned proposals. Any Unitholder who hasn’t yet voted or wishes to change their vote may do so by clicking on the “Vote Here” button on the web portal and following the instructions there. You must click “Submit” for your vote to be counted. Unitholders who have sent in proxies, or voted via telephone or internet, and do not want to change their vote, do not need to take any further action. We’ll provide the following two minutes to allow voting to take place. Now that everyone has had the opportunity to vote, I now declare the polls for the 2024 Annual Unitholder Meeting closed. We have been informed by the Inspector of Election that the preliminary vote report shows that the nominees for election to the Board have been duly elected, and that RLB LLP has been reappointed as the REIT’s auditors. There being no further business to come before the meeting, the Annual Meeting of the Unit Holders, Skyline Retail REIT, is now adjourned.

Forward Looking Disclaimer

The presentation is an overview of the operations and conditions for the year ended December 31, 2023 and should be read in conjunction with the Management’s Discussion and Analysis (“MD&A”) and the Skyline Retail Real Estate Investment Trust’s (“Skyline Retail REIT” or the “REIT”) audited consolidated financial statements. Certain statements in this presentation could be considered forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the REIT’s control, which could cause actual results to differ materially from those disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions, the financial condition of tenants, our ability to refinance maturing debt, rental risks, including those associated with the ability to rent vacant suites, our ability to source and complete accretive acquisitions, and interest rates. The information in this presentation is based on information available to Management as of April 30, 2024, except where otherwise noted. Skyline Retail REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. In some instances, forward-looking information can be identified by the use of terms such as “may”, “should”, “expect”, “will”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potentially”, “starting”, “beginning”, “begun”, “moving”, “continue”, or other similar expressions concerning matters that are not historical facts. Forward-looking statements in this presentation include, but are not limited to, statements related to acquisitions or dispositions, development activities, future maintenance expenditures, financing and the availability of financing, tenant incentives, and occupancy levels.

Commissions, trailing commissions, management fees and expenses all may be associated with investments in exempt market products. Please read the confidential offering documents before investing. The indicated rate of return is the annualized return including changes in unit value and reinvestment of all distributions and does not consider sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. There is no active market through which the securities may be sold, and redemption requests may be subject to monthly redemption limits. The payment of distributions is not guaranteed and may fluctuate. The payment of distributions should not be confused with an exempt market product’s performance. Distributions paid as a result of capital gains realized by an exempt market product, and income and dividends earned are taxable in your hands in the year they are paid. Your adjusted cost base will be reduced by the amount of any returns of capital. If your adjusted cost base goes below zero, you will have to pay capital gains tax on the amount below zero. Exempt market products are not guaranteed, their values change frequently, and past performance may not be repeated.